Stock Market Capitalisation Crosses N160trn
The Nigerian equities market reached a record market capitalization of over N160 trillion, driven by the listing of new Dangote Sugar Refinery shares. Despite the overall market growth, investor sentiment remained cautious with a high number of decliners compared to gainers.
Why it matters
This milestone reflects significant capital movement and investor activity in the Nigerian financial sector, signaling both growth and volatility in the regional economy.
The Nigerian equities market extended its bullish trajectory on Monday, as the overall capitalization trade above N160 trillion.
The All-Share Index (ASI) gained 707.34 points, representing a gain of 0.29 per cent to close at 247,699.78 points. Also, market capitalisation rose by N1.041 trillion to close at N160.600 trillion, buoyed by the listing of 8.09 billion new ordinary shares of Dangote Sugar Refinery on the Nigerian Exchange.
The upturn was driven by price appreciation in large and medium capitalised stocks amongst which are; Aradel Holdings, MTN Nigeria Communications (MTNN), Zichis Agro Allied Industries, International Breweries and Ellah Lakes.
Analysts noted that the session was characterized by bullish sentiment and weaker trading activity, as renewed buying interest supported another positive close for the market.
Get smarter about the news
Sign up free for a feed built around what you actually care about, Dive Deeper research on any story, and the full text of every article.
Create free accountAlready have an account? Sign in